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European Rust Belts. West-East Comparisons – and Beyond

International Conference, Regensburg, 7-8 May 2020
Call for Papers
Deadline for submissions: 15 August 2019

Seminarreihe des Arbeitsbereichs Ökonomie am IOS

Zeit: Dienstag, 13.30–15.00 Uhr
Ort: Leibniz-Institut für Ost-und Südosteuropaforschung (IOS), Landshuter Str. 4 (Raum 109)
Programm

Freie Stellen Text
Gastwiss. Programm Text
Leibniz

Aktuelles – Details

1. September 2019
Publikationen

IOS Working Papers No. 383 ist erschienen

What is the Investment Loss due to Uncertainty?, Theodore Panagiotidis and Panagiotis Printzis, 59 S., IOS Working Papers 383, August 2019.

We investigate the effect of uncertainty on investment. We employ a unique dataset of 25000 Greek firms’ balance sheets for 14 years covering the period before and after the eurozone crisis. A dynamic factor model is employed to proxy uncertainty. The investment performance of 14 sectors is examined within a dynamic investment model. Robust GMM estimates of the investment rate model reveal a high degree of heterogeneity among these sectors. Overall uncertainty affects negatively investment performance and this effect substantially increased in the years of crisis. Agriculture and Mining are the least affected and the most affected ones include Manufacturing, Real Estate and Hotels. Focusing on the response of investment to uncertainty, it emerges that (relative) smaller firms are affected more compared to larger ones.